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On May 10, 2010, we the people of the United States of America were notified pursuant to Securities and Exchange Commission Release No. 33-9123, http://sec.gov/rules/other/2010/33-9123.pdf (the "Notice") that the

Chairmen of the Securities and Exchange Commission and the Commodities Futures Trading Commission, with the concurrence of the other SEC and CFTC Commissioners, respectively, intend to establish the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues (the “Committee”).

We've got this huge regulatory problem on Wall Street. Thankfully, SEC Chairman Mary Schapiro and CFTC Chairman Gary Gensler, the industry's leading regulatory cops, will aggressively confront those problems by intending to establish a joint advisory committee with the concurrence of their organizations' commissioners. I was sort of worried that all those folks wouldn't concur about creating yet another committee but my fears were misplaced. Lemme sit down here for a spell before I pass out with excitement. Okay, that's better, I feel the blood rushing back into my head. Wow! What a brilliant, dramatic, and edgy response to our financial crisis.

A note from Bill Singer: I've been writing blogs for several years but this column may well rank among my favorites. Not only do I dissect the dead body that now passes for Wall Street regulation -- and I must admit, I do get in a number of funny shots -- but I don't even need to use my own words to poke fun at the bureaucratic idiocy. A recently published Public Notice is so absurd that it is both comical and frightening. Read along with me, as we analyze a recently published Notice.